NEW YORK ( TheStreet) -- "Things are bad here, but they're worse over there," Jim Cramer told his "Mad Money" TV show viewers Monday as he admitted that the deteriorating situation in Europe now "has him worried."

And with the U.S. congressional super committee now admitting defeat, Cramer said it's clearly apparent that our lawmakers, along with the leaders in Europe, "live in a different universe" than the rest of us.

Cramer said the European leaders still seem to be worried about inflation, when they should be worried about the severe recession and possible depression that's rapidly heading their way. He said the European central bank has yet to roll back its latest interest rate hikes, and with Germany becoming less and less likely to bail out anyone, the entire European union may be in jeopardy.

While the situation remains fluid, Cramer said that he's been forced to reduce his estimate for the chances of a European debt deal from 80% just a few days ago, to less than 50% today. He once again warned investors that the high-multiple stocks will continue to contract and they absolutely must stay away from all financial stocks for the time being.

"Europe's headed for their 2008 moment," declared Cramer. Our only hope, he said, is that something really bad happens to wake up those in charge.

Fun Trade

In the "Executive Decision" segment, Cramer spoke with Matt Ouimet, president of Cedar Fair ( FUN), which Cramer last recommended in August as a "stay-cation" play for a weak economy. Shares of Cedar Fair now offer a 7.5% dividend yield.

Ouimet said that Cedar Fair just completed its second year of record profitability and is now on track, thanks to refinancing $1.5 billion in debt, to pay $2 a share in dividends in 2013. He said that the company's continued search for a new CFO and a lawsuit involving its former CEO should not be of worry to shareholders.

Ouimet attributed Cedar Fair's success to the great value it provides to its guests. He said the average patron now spends just $40 per person at their parks and new rides and attractions are only adding to their appeal. Unlike other travel destinations, Ouimet said that most of Cedar Fair's guests come from only 100 to 200 miles away, which also helps affordability and value.

When asked why October has proven to be a record month for the company, Ouimet explained that next to Christmas, Halloween has now become the biggest off-season draw for many of its parks.

Cramer said that unlike many of the high-flying stocks, Cedar Fair isn't likely to get crushed as Europe tanks.

Fun Trade

In the "Executive Decision" segment, Cramer spoke with Matt Ouimet, president of Cedar Fair ( FUN), which Cramer last recommended in August as a "stay-cation" play for a weak economy. Shares of Cedar Fair now offer a 7.5% dividend yield.

Ouimet said that Cedar Fair just completed its second year of record profitability and is now on track, thanks to refinancing $1.5 billion in debt, to pay $2 a share in dividends in 2013. He said that the company's continued search for a new CFO and a lawsuit involving its former CEO should not be of worry to shareholders.

Ouimet attributed Cedar Fair's success to the great value it provides to its guests. He said the average patron now spends just $40 per person at their parks and new rides and attractions are only adding to their appeal. Unlike other travel destinations, Ouimet said that most of Cedar Fair's guests come from only 100 to 200 miles away, which also helps affordability and value.

When asked why October has proven to be a record month for the company, Ouimet explained that next to Christmas, Halloween has now become the biggest off-season draw for many of its parks.

Cramer said that unlike many of the high-flying stocks, Cedar Fair isn't likely to get crushed as Europe tanks.

Recession-Resistant Trade

There's a 50% chance that Europe won't be able to solve its problems without a recession, Cramer told viewers. That's why a recession resistant name like CVS Caremark ( CVS) makes perfect sense for investors' portfolios.

Cramer said that he had previously panned CVS after the company was slow to integrate its Caremark acquisition in 2007. He said back then, many people questioned logic behind the deal and felt that it would never make any money. But now, CVS has fully integrated Caremark into its systems and the pharmacy benefit manager is beginning to win new customers and help companies save money on their health care costs.

But there's a lot more to like at CVS, said Cramer, and that's its competitor Walgreens ( WAG). He explained that Walgreens is in the middle of a dispute with ExpressScripts ( ESRX) over the prices for some 90 million prescriptions, prescriptions that it's set to lose by the end of the year if a deal is not reached.

Cramer said that he was optimistic that a deal would be reached, but no longer. He said the loss of ExpressScripts prescriptions could cost Walgreens $1 a share of earnings power, a huge loss for Walgreens but a big gain for our nation's second largest drugstore chain, CVS.

Trading at just 11.8 times earnings with an 11% growth rate, Cramer said that CVS deserves a higher multiple given the strength of its business and its potential to acquire millions of new customers in the coming months.

Audio Business Trade

In the "Executive Decision" segment, Cramer spoke with Dinesh Paliwal, chairman, president and CEO of Harman Intl ( HAR), maker of high-end sound systems as well as navigation and multimedia hubs for automobiles. Shares of Harman trade at 10 times earnings and the company has a 20% growth rate.

Paliwal touted Harman's professional audio business as one of the company's unknown successes. He said the pro audio division provides speakers and public address systems for stadiums, airports and many headlining events for here in the U.S. and abroad. He said that Harman currently has a $15 billion backlog of business, which makes him very excited.

Harman is also advancing high-end automotive systems, offering not just high quality audio but also live traffic and other real-time information. Paliwal said that in some cars, Harman provides billions of lines of software code to keep everything running as it should. He said Harman offers complete solutions so that customers don't have to compromise when they leave home.

Harman has also led the competition in its cost-cutting efforts, removing some $450 million worth of costs from its operations. He said that a slumping Europe is not a concern for Harman, as many of the auto companies are seeing their growth coming from the emerging markets and not Europe.

Closing Comments

In his "No Huddle Offense" segment, Cramer opined on the declining price of gold. He said the recent direction of the precious metal is wrong and will be soon corrected.

Cramer explained that gold prices have been falling on fears of a European recession. And while he admitted that a recession would be bad for gold, he said the traditional wisdom that recessions reduce the price of gold has been turned on its head as of late since so few investors actually own any gold.

Cramer said that as conditions in Europe worsen, the printing presses will start printing money, at least in the short term, which will be bullish for gold. There is also still huge demand for gold, he argued, and the gold miners are still having an increasingly hard time getting the metal out of the ground.

Cramer said that in his mind, investors need to keep owning gold. He said the U.S. recession in 2008 was also supposed to suppress gold prices, but that just didn't happen.